The Vince Carter Team at Carter Realty Group, LLC

License #: 238168

Phone:
270-908-0020
Toll free:
1-844-991-3829
Contact Us

Homeownership Goals for Buying, Selling or Staying Right Where You Are

 

 

 

 

 

 

 

 

 

 

 

 

 

It’s the beginning of a fresh new year and we are all inspired to look at our goals from all aspects of our life – from health and career to finance and relationships.  A great starting point for all of your goal assessments is to look at current market conditions and circumstances to guide your direction for the new year in the development of your goals.  In the housing market, there are currently historically low mortgage rates, tight inventory and increased home sales and price growth.  This means the time is NOW to start developing your homeownership goals for 2021.

We have tips for home buyers, home sellers and home owners looking to stay right where they are.  Our advice is here to help you make this the best year!  Check out these tips to learn more.

HOME BUYERS

Goal #1: Increase your credit score

Not only does your credit history provide all of your current debt, history of payments and other key information, but it is also used by lenders to calculate your credit score.  This score determines if you are qualified to receive a mortgage.  Before you start your process, check your report from Equifax, Experian or TransUnion.  You can also grab this information from certain banks and credit card companies for free.

Boosting your credit score is a great place to start before you begin house-hunting. Simple ways to accomplish this is to pay your bills on time ever month, avoid applying for any new credit and keeping your current credit card balances low.

Goal #2: Pay down your debt

Along with your credit score, your “buying power” is an important figure to determine the amount of home you are able to afford.  If you have existing student loans, credit card debt, or car payments, these monthly amounts could be tying up your income and affecting your buying power. 

Lower balanced debts provide an opportunity to pay off a debt in its entirety.  You can then take that card’s monthly payment amount and apply to the next debt.  Don’t be discouraged if you can’t pay off a debt in its entirety.  Just lowering the amount you owe each month is significant in providing you the best possible mortgage terms.

Goal #3: Create a safety net

2020 certainly taught us all that you never know when your circumstances may change, so it’s important to have savings to make sure you can still pay for a mortgage.  Buying a home requires some cash, along with the potential for closing costs, moving expenses and initial maintenance needs as they arise. 

Start building up your financial safety net by removing or decreasing unnecessary expenses or have a percentage of your income automatically deposited to a savings account. 

HOME SELLERS

Goal #1: Determine the right time for you to sell your home

When you are selling anything, there are a myriad of factors to consider, but one of the most universal and important is to boost the profit on the sale as much as possible.  A great way to do this in the housing market is to take advantage of selling your home earlier in the year to really maximize your profit.

You may also be considering undertaking minor upgrades to your home prior to listing on the market.  You may also be concerned with the timing vs. the effect on your family’s routines.

These are all valid considerations to determine what works best for you.  There will never be a perfect month or time to list your home.  Your timeline is best determined by weighing the opportunity for the maximum level of profit, impact to your family and if your home needs any upgrades or changes prior to hitting the market.  Our Team can walk you through specific needs and help you select the right time for you and your family.

Goal #2: Increase your home’s resale value

The market is extremely competitive right now in terms of houses for sale, which means there is an opportunity to increase your return on investment.  However, this means you really need to focus on sprucing up your property as much as possible by considering minor projects to make your home stand out.

Interior remodeling projects that can make a huge impact are painting with fresh new colors or even upgrading the flooring.  Ideally, you may be able to recoup the cost of these projects in the sale of your home. 

Exterior projects are as simple as power washing your sidewalks, removing landscaping that isn’t serving the vision of the home or getting rid of that branch that takes away from your view inside.   Our Team can provide a list of suggestion to help your property stand out from the crowd.
 

Goal #3: Extra living space may seal the deal 

Our lifestyles in the past year have shown us that you may need to work remotely for extended periods of time or have access to equipment to keep your exercise habit on track.  If you have an extra area in your home that you can convert into an office or an in-home gym, now is the time to consider really investing in that space to provide solutions for your potential buyers.

HOMEOWNERS

Goal #1: Create a household budget based on your current situation

The last year may have adjusted your financial landscape, but its important to weigh your current picture and update your household budgets for increased savings and expenses.  Take a look at your bills from last year, along with saving & spending habits to determine what changes should be made to ensure a successful and prosperous 2021!

Looking for a way to save money?  Sign up here to receive our FREE guide featuring “10 Ways to Save Money and Make Your Budget Last. “

Goal #2: Develop a home maintenance plan 

Developing and adhering to a calendar for your home maintenance is the simplest way to save money now and prevent larger costs in the future.   If your home is already in tip-top shape, consider simple fixes to lower energy costs and upgrade your home.  Leaky faucets, low-flow toilet models, air leaks and even replacing light bulbs with LEDs are easy ways to effectively drive your energy costs down.

Check back each month as we highlight our calendar of home maintenance tips! 

Goal #3: Consider real estate as an investment opportunity

Additional properties can provide extra streams of income for you and your family. Our Team members can work with you to develop a strategy to invest in a property or properties and help you understand a realistic viewpoint of a property’s income potential.  It’s all about quality of life and if we can help you make that even better, we are ready and willing to help.

LET THE VINCE CARTER TEAM ASSIST YOU WITH YOUR 2021 GOALS

Connecting with a trusted and experienced real estate agent is priceless no matter what stage of home ownership you are in – whether finally taking the jump into buying, selling your current home or even staying right where you are.  As experts in Western KY real estate, our Team possesses the knowledge, experience, and networks to help you achieve your homeownership goals, whatever they may be.   Our Team is ready to hear from you!  Be sure to reach out to us for a free consultation and commit to a happy and prosperous new year!

Have Questions?